Norwegian insurance giant blacklists palm oil companies

Fire burning on an oil palm plantation in Borneo. Photo by Rhett A. Butler. Storebrand, one of Norway's largest life insurance and pension savings companies, has sold off holdings in eleven palm oil companies due to environmental concerns. In a statement issued last week, Storebrand said it divested after it found the companies had breached its sustainability standards. "Climate change is the most comprehensive risk to sustainability, and the protection of forests, especially rainforests, is essential in order to negate the effects of climate change," Christine Meisingset, Storebrand's head of sustainable investments, said in a statement. "The main driver behind deforestation in tropical regions is often the establishment of new palm oil plantations. Storebrand would rather invest more in companies that are pushing the industry toward a more sustainable approach." is maint...